Loan Comparison: 4.98% vs 6.5%
223 5th, Firestone, CO 80520 · 4bd/2ba · $460,000
List Price
$460,000
Assumable Rate
4.98%
Remaining Balance
$415,618
Equity Gap
$44,381
Loan Type
FHAAdjust Your Scenario
$23,000
$23,000$44,381
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 4.98% (FHA)
Blended Rate: 5.15%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,762/moAssumable @ 4.98% + gap loan
$2,390/moAssumed loan: $2,226/mo
Gap financing: $164/mo
$372less per month with the assumable
Your Savings on This Property
223 5th, Firestone · 4.98% FHA vs 6.5% conventional
$372
per month
$4,460
per year
$133,807
over 30 years
$133,806
interest saved
How gap financing works: The equity gap ($44,381) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($23,000, 5% of purchase price) and a second mortgage for the rest ($21,381 at 8.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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